Do you want a cheque for €2,000 for little or nothing? It appears many homeowners do not - or simply don't want to take the simple steps necessary to save themselves this type of money.

Research commissioned by the Competition and Consumer Protection Commission shows just 2pc of homeowners have switched their mortgage over the past five years. The same study shows savings of €2,000 a year can be achieved by families who manage to get a better variable mortgage rate.

The primary reasons for failing to switch are the complexities and difficulties surrounding the process.

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